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About the Company
Allianz SE is a German financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. As of 2014, it is the world's largest insurance company, the largest financial services group and the largest company. The company is a component of the Euro Stoxx 50 stock market index.
Investment Rationale
We maintain our price target on Allianz of €190 per share. The price target reflects an improvement in growth, a reduction in accident frequency and attractive pricing in its non-life business.
We also like the shares because they are trading on an indicative gross yield of 4.50% and is well positioned to benefit from future growth.
We rate Allianz OW with a €190 price target for the following reasons:
Concerns
Slowdown in global growth, an increase in equity frequency, greater competition and PIMCO not being able to retain and grow its assets under management.
Conclusion
We are comfortable holding Allianz in a well-diversified portfolio. It is well positioned to continue to benefit from further growth as global economic growth continues to remain supportive.
Allianz has a strong set of financial statements and we expect the company to continue strengthening its position in years ahead.
We hold a 6% exposure in Allianz in the equity fund.
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